The midday stock index futures market traded within a narrow range, with movements in Nikkei 225 futures limited. After opening and trading around mid-session levels, prices continued to trade within the 75-day moving average range after breaking above the 25-day moving average.
Nikkei 225 futures were around ¥66,610 as of 11:30 a.m., up ¥120 from the previous day, as index movements remained subdued. The contract opened at ¥65,850, below the night session close. After the cash market’s opening low of ¥65,740 prompted long positions to regain momentum, prices were bought up to ¥66,780 at one point during the mid-session. Toward the close, trading continued in a ¥66,400–¥66,600 range.
With U.S. markets closed on the 7th, overseas investor activity appeared limited, and futures initially favored short positions amid early selling in semiconductor- and AI-related stocks. However, SoftBank Group, Kioxia and Advantest, among others, turned higher, strengthening long activity and prompting short covering in the short term. After breaking above the 25-day moving average, Nikkei 225 futures have been trading within the 75-day moving average range.
The NT ratio rose to 16.18 (16.09 on the 7th), and, alongside attempts to break above the 25-day moving average, activity seeking spread gains through NT longs has intensified. Long positions targeting a break above the 25-day moving average are expected to be limited, while a buy-on-dips stance focused on consolidating the 25-day moving average has become more pronounced.
Overall, the current futures market reflects a mix of short-term range-bound trading and dip-buying interest around the major moving averages. Future movements may vary depending on the relationship between the 75-day and 25-day moving averages and developments in overseas markets.